Indian Prime Minister Narendra Modi waves to supporters as he arrives at the Lotte New York Palace hotel in New York City, June 20, 2023. As China's economy falters, top U.S. corporate executives are making it a priority to meet Prime Minister Narendra Modi during his state visit to the White House, including Thursday's dinner. The administration is going all out to give the prime minister a close-to-royal welcome," Frank Wisner, former U.S. ambassador to India, told CNBC. China is one of the agenda items when Modi meets with Biden and U.S. executives Thursday and Friday. With China's economy decelerating and political tensions high, corporate America has taken steps to diversify away from the country.

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Persons: Narendra Modi, Tim Cook, Sundar Pichai, Satya Nadella, Raj Subramaniam, Frank Wisner, Tony Capuano, Cummins, Jennifer Rumsey, Safiya Ghori, Ahmad, Atomics, Antony Blinken, Xi Jinping, Modi, Biden, Wisner, Elon Musk Organizations: Indian, Lotte New, Lotte New York Palace, White, Apple, Microsoft, FedEx, White House, CNBC, Marriott, Electric, Hindustan Aeronautics, Atlantic Council, Senate Foreign Relations Committee, U.S, Modi, Tesla Locations: Lotte New York, New York City, India, New Delhi, U.S, Delhi, China, America